Why Is Creation of a Product the Starting Point for the Marketing

question 9

Multiple Choice

Why is creation of a product the starting point for the marketing mix?

• A) The production department must know what to produce first.
• B) Production strategy is the first of the four Ps listed in the marketing mix.
• C) Determination of the price,promotional campaign,and distribution network cannot begin until the product has been specified.
• D) Product development takes the longest amount of time to complete.
• E) Actually,the product does not have to be the starting point--promotional strategies are often the starting point.

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Definitions:

Market Demand

The cumulative volume of a good or service that all buyers in a market are prepared and able to buy at a range of prices.

Decrease in Demand

This occurs when the quantity of a good or service that consumers are willing and able to purchase at a specific price level declines, due to factors such as changes in preference or income.

Long-Run Equilibrium

A state in which supply and demand are balanced, and all economic variables are at their natural levels, not influenced by external short-term fluctuations.

Firms in the Industry

Businesses or companies that produce goods or provide services within a specific sector of the economy.